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Finish Levels for Rentals
3 posts by 3 users
Zachary N.BankerCO 
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I'm rather new here and had a quick question regarding how to rehab a rental. I'm looking at buying foreclosed properties, some of which need some work. Do you experienced investors just rehab enough to make it habitable, or do you go an extra step or two? Is this something that you research other properties in the area to get a feel for and rehab accordingly? I just want to make sure I don't dump too much effort into something that has the possibility of getting destroyed by tenants. Thanks to everyone who shares their knowledge around here, it's all been incredibly useful! |
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Frank A.Loveland, CO 
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Don't worry about it getting destroyed by tenants, good screening, high security deposits and having rentals in the right market. Your rental should be improved up to, and a bit beyond the competition. That doesn't mean granite and stainless in lower class neighborhoods. I alwyays like putting ceramic tile in lieu of linoleum as I thought it looked " richer" in lower and middle class houses. Remember the higher returrns, and greater headaches are in the lower prices. The higher the market price the better the tenant and the more they'll expect. Of course the higher price market does not expect to wait a few days for you to get around to a garbage disposal or dishewasher. BTW, in this foreclosure market you may start seeing more folks moving " down" (in their minds) to rentals. In the last downturn I had bank VPs, corporate attorneys and corporate accounts lose their houses and rent from me. They were a bit on the demanding side but I expected that and adjusted my rent upwards when I started getting calls from that end of the market. good luck all cash |
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Eric W.Real Estate InvestorSan Jose, CA 
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I would just make sure everything is functional and done right the first time around. Bathroom, I would make sure it's tile and not vinyl and have shower doors instead of shower curtains, this way you don't have to worry about water damage to your subfloor in the future. I don't know what type of heating system you have, wall furnace should be good enough. Central heating in my opinion, you wouldn't generate more rent from it, it's good to have if it was not a rental property. It's a rental, so it doesn't need to have fancy material, only material that will last a long time. I wouldn't over do it cause you will always have expenses coming up. |
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Posted: 01/04/2008 at 01:11PM